Concern
Returns declining
ROE declined from 15.2% to 13.0% year on year.
Importance 41 / 95 · profitability
Punjab National Bank · Research view
Punjab National Bank
NSE: PNBBSE: 532461ISIN INE160A01022Face value ₹2consolidated
₹110
−2.48% · 2026-10-01 · 52-wk ₹99–₹132
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
Concern
Net interest margin compressing
Net interest margin fell from 2.5% to 2.2% year on year.
Importance 38 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Financial Services › Financial Services › Banks › Public Sector Bank.
- Market cap
- ₹1.26 L cr
- FY2026 total income
- ₹1,49,463 cr
- FY2026 net profit
- ₹18,393 cr
- Net worth
- ₹1,49,972 cr
- Advances
- ₹12,37,980 cr
- EPS (basic)
- ₹16.00
- Listed
- NSE · BSE
- Reporting
- Banking (Sch. III)Apr–Mar
Peer set used on this page: 8 public sector bank.
Section 04 · Business performance
Is the business growing?
Total incomeNet profit
Advances (loans)Deposits
Total income and profit over the loaded history are shown above.
- Advances growth per year
- +14.0%over 4 years
- Advances growth
- +14.0%vs last year
- Deposits growth
- +9.4%vs last year
- Net profit growth
- −0.5%vs last year
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹5,815 cr, up 174.3% from ₹2,120 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 net profit grew 174.3% while total income declined 0.1% vs the same quarter last year — a gap of 174.4 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
Strength
Q1 FY27 net margin was 15.3%, up 9.74 percentage points from 5.6% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
A. Quarterly results
Total incomeNet profit
| Quarter | Total income | YoY | Net profit | YoY |
|---|---|---|---|---|
| Q2 FY25 | 35,111 | — | 4,714 | — |
| Q3 FY25 | 35,286 | +15.6% | 4,801 | +97.3% |
| Q4 FY25 | 37,299 | +13.1% | 4,989 | +49.3% |
| Q1 FY26 | 37,999 | +16.0% | 2,120 | −46.7% |
| Q2 FY26 | 36,684 | +4.5% | 5,125 | +8.7% |
| Q3 FY26 | 37,903 | +7.4% | 5,556 | +15.7% |
| Q4 FY26 | 36,878 | −1.1% | 5,592 | +12.1% |
| Q1 FY27 | 37,954 | −0.1% | 5,815 | +174.3% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Total income
- ₹1,49,418 crTTM
- PBT
- ₹27,216 crTTM
- Net profit
- ₹22,088 crTTM
C. Corporate actions
12 Jun 2026DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
20 Jun 2025DividendFinal Dividend - Rs. - 2.9000 — ₹2.90/share
21 Jun 2024DividendDividend - Rs. - 1.5000 — ₹1.50/share
23 Jun 2023DividendDividend - Rs. - 0.6500 — ₹0.65/share
22 Jun 2022DividendDividend - Rs. - 0.6400 — ₹0.64/share
22 Jun 2015DividendDividend - Rs. - 3.3000 — ₹3.30/share
18 Dec 2014Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
11 Feb 2014DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
13 Jun 2013DividendDividend - Rs. - 27.0000 — ₹27.00/share
14 Jun 2012DividendDividend - Rs. - 22.0000 — ₹22.00/share
16 Jun 2011DividendDividend - Rs. - 22.0000 — ₹22.00/share
8 Jul 2010DividendFinal Dividend - Rs. - 12.0000 — ₹12.00/share
4 Feb 2010DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
4 Jun 2009DividendDividend - Rs. - 20.0000 — ₹20.00/share
12 Nov 2008OtherGeneral
29 May 2008DividendDividend - Rs. - 13.0000 — ₹13.00/share
Section 06 · Business performance
Is it becoming more profitable?
Net interest margin (left)Return on equity (right)
Concern
ROE declined from 15.2% to 13.0% year on year.
Rule ROE_DETERIORATED_YOY
- NIM FY2026
- 2.20%
- Cost-to-income
- 51.8%
- ROE FY2026
- 13.0%
- ROA FY2026
- 0.95%
Net interest margin fell from 2.5% to 2.2% year on year.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Asset quality and capitalisation over the loaded history are shown above.
Net worth (capital + reserves)
- Gross NPA FY2026
- —
- Net NPA
- —
- Credit cost
- 0.21%of advances
- Credit / deposit
- 72%
Section 08 · Relative position
How does it compare with peers?
Ranked against 8 public sector bank (FY2026, consolidated). No peer-relative rule fired for this company.
Return on equity
PNB · 6th of 8 · set median 15.2%
P/E ratio
PNB · 3rd of 8 · set median 6.4×
- P / E
- 5.7×TTM to Jun 26
- P / B
- 0.8×latest book
- P / S
- 0.8×TTM sales
- Earnings yield
- 17.5%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 6.9× · P/S 0.8× · ROE 13.0%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −2.4%
- 3-year return
- +37.0%
- 5-year return
- +170.7%
- From 52-wk high
- −17.0%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹115
- vs 200-day avg
- Below₹114
- RSI (14)
- 32.6neutral
- MACD histogram
- -0.8
- From 52-wk high
- −17.0%
- From 52-wk low
- +10.5%
- 30-day volatility
- 17.5%ann.
- 6-month return
- +2.5%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- ConcernReturns decliningROE declined from 15.2% to 13.0% year on year.ROE_DETERIORATED_YOY · conviction 41
- ConcernNet interest margin compressingNet interest margin fell from 2.5% to 2.2% year on year.BANK_NIM_COMPRESSED_YOY · conviction 38
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total income | 88,339 | 99,085 | 1,22,394 | 1,40,457 | 1,49,463 |
| Interest earned | 76,242 | 86,845 | 1,09,065 | 1,24,010 | 1,30,772 |
| Interest expended | 46,823 | 51,817 | 68,534 | 80,704 | 88,069 |
| Net interest income | 29,419 | 35,028 | 40,530 | 43,306 | 42,703 |
| Pre-provision operating profit | 21,026 | 22,932 | 25,051 | 27,203 | 29,565 |
| Provisions & contingencies | 16,431 | 18,071 | 11,719 | 1,150 | 2,483 |
| Profit before tax | 4,595 | 4,861 | 13,332 | 26,053 | 27,082 |
| Net profit | 3,861 | 3,348 | 9,107 | 18,480 | 18,393 |
| EPS (₹) | 3.5 | 3.0 | 8.3 | 16.4 | 16.0 |
| Net worth | 97,582 | 1,02,881 | 1,10,387 | 1,33,138 | 1,49,972 |
| Total debt | 59,372 | 70,149 | 72,586 | 1,05,807 | 1,07,558 |
| Advances | 7,33,766 | 8,37,459 | 9,41,762 | 10,86,273 | 12,37,980 |
| Deposits | 11,54,234 | 12,90,347 | 13,79,225 | 15,77,020 | 17,24,795 |
| Borrowings | 59,372 | 70,149 | 72,586 | 1,05,807 | 1,07,558 |
| Investments | 3,88,586 | 4,16,914 | 4,46,421 | 5,24,840 | 5,23,515 |
| Gross NPAs | 0 | 0 | 0 | 0 | 0 |
| Net NPAs | 0 | 0 | 0 | 0 | 0 |
| Operating cash flow | 19,932 | 22,592 | −27,939 | 22,075 | 25,635 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Advances growth YoY | — | 14.1 | 12.5 | 15.3 | 14.0 |
| Deposits growth YoY | — | 11.8 | 6.9 | 14.3 | 9.4 |
| Profit growth YoY | — | -13.3 | 172.0 | 102.9 | -0.5 |
| Profitability | |||||
| Net interest margin % | 2.2 | 2.5 | 2.6 | 2.5 | 2.2 |
| Cost-to-income % | 49.4 | 51.5 | 53.5 | 54.5 | 51.8 |
| Return on equity % | 4.0 | 3.3 | 8.5 | 15.2 | 13.0 |
| Return on assets % | 0.3 | 0.2 | 0.6 | 1.1 | 0.9 |
| Asset quality | |||||
| Gross NPA % | — | — | — | — | — |
| Net NPA % | — | — | — | — | — |
| Credit cost % | 2.2 | 2.3 | 1.3 | 0.1 | 0.2 |
| Credit / deposit % | 63.6 | 64.9 | 68.3 | 68.9 | 71.8 |